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Cover Banking Law and Regulation

3. Payment methods  

Iris Chiu and Joanna Wilson

This chapter examines payment methods, which refer to the mechanisms, procedures, and organisations that are used to enable parties to discharge their payment obligations. While there are a vast range of different payment mechanisms, the most common methods are cheques, payment cards, and the electronic transfer of funds. A cheque is a written order from an account holder instructing their bank to pay a specified sum of money to one or more named beneficiaries. Meanwhile, payment cards—small pieces of plastic that are used in financial transactions—have revolutionised the way that people pay for goods or services. Lastly, the transfer of funds refers to the movement of a credit balance from one account to another, which occurs by adjusting the balances of the respective party’s accounts. The chapter then looks at recent innovations in the payment services industry relating to open banking and third-party providers.


Cover Sealy and Hooley's Commercial Law

21. The financing of international trade  

D Fox, RJC Munday, B Soyer, AM Tettenborn, and PG Turner

This chapter examines the methods used to finance international trade. The method chosen will in practice greatly depend on the seller’s confidence in the integrity and solvency of the buyer, as well as on the bargaining strengths of the respective parties. The chapter discusses the traditionally most common methods of payment, such as documentary bills, documentary credits, standby credits, performance bonds, and guarantees, together with more modern developments such as Bank Payment Obligations or BPOs. The coverage also includes other financing methods such as forfaiting and financial leasing before concluding with an overview of export credit guarantees.


Cover Commercial Law

Eric Baskind, Greg Osborne, and Lee Roach

Commercial Law offers a fresh, modern, and stimulating account of the subject, thereby helping students better understand this important area of law. It provides thorough coverage of all key aspects of the syllabus, including the law of agency, the sale of goods, international trade, and methods of payment, finance, and security. A range of learning features is employed throughout the book to encourage understanding of the law, and to demonstrate how the principles behind it play out in practical domestic and international commercial transactions. Practical, fictional case studies are referred to in example boxes throughout the book, demonstrating the types of legal issues and problems that the law is intended to regulate, and helping students to understand the context and practical application of the law. The book includes: regular case boxes throughout the text to highlight cases of importance, providing a succinct account of the material facts of the case, a clear account of the court’s decision and reasoning, and, where appropriate, commentary on the decision; key legislation boxes to help students understand which statutory provisions are of fundamental importance; and definitions of key terms, which appear in the margins the first time the term is used, thus ensuring that students are not confused by the terminology of the subject.